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A shareholder's interest in a limited liability company is expressed as a membership interest in an amount determined by its capital contribution. A capital contribution (cash or in kind) is understood to be a shareholder's investment in the company, and it becomes the property of the company. Except where capital is reduced when certain legal conditions are met, a shareholder is not entitled to seek return of its capital contribution unless the shareholder is terminating its participation in the company.

In Australia, PINSENT MASONS has launched a new operation in Perth through the hire of four partners from Norton Rose Fulbright. The firm originally opened in the country in 2015.

This is a continuation of the update in last month's briefing. The exchange of information by the Macau SAR under Law 5/2017 – which established the new regime for the exchange of information with foreign entities on tax matters – may also occur upon a request being received from a foreign country which is a contracting party to an international agreement or convention on double taxation or on prevention of tax evasion. This is, however, subject to reciprocity: the Macau SAR will only process requests received from countries that would admit a similar request if made by the Macau SAR.

Bankers need lessons in Mifid II compliance

The PRC is racing to regulate token sales

It seems that public officials and corporates everywhere are falling like dominoes on the back on tougher anti-corruption measures taking effect in a number of jurisdictions. Brazil's Clean Company Act has received its fair share of coverage as have India's currency crackdown and the UK's far-ranging Bribery Act. Now South Korea has also been making headlines for all the wrong reasons.

Akbar Komijani, deputy governor of the Central Bank of Iran, tells IFLR what is needed to help the Islamic finance market take off

The FCA’s announcement that it would phase out Libor by 2021 has confirmed that some key historic benchmarks are likely to be obsolete over time. But their replacements still have a role to play in the future

The UK’s PRA has intensified bank recovery planning requirements far beyond existing UK and EU rules

Rarely has an activity as technical as clearing been the subject of so much passionate debate and discussion. And with Brexit negotiations going nowhere fast, we could be hearing about it for a while longer.